I have an odd washer/dryer combo. It does the wash okay, but because it's a steam dryer with no actual vent, it takes FOREVER to get anything dry, and everything ends up being incredibly wrinkled. The unit was free, and it beats using quarters in the laundry room of our apartment complex most of the time, but it is kind of a pain.
Partly because of that, and partly to avoid shrinking/wear and tear, I hang up most of my clothes to dry. There are a few things I'm okay putting in the dryer, but they mostly don't end up hang drying because I lack the space.
I have found that if I use hangers to dry my clothing, it's rarely wrinkled enough that I have to iron. It's never as crisp as if I had ironed it, but it's usually free enough from wrinkles that nobody is going to notice. I have also found that if I fold my pants-legs so that the creases down the middle are preserved, and then hang them upside down, gravity takes care of basically all the wrinkles and ironing is pretty much unnecessary.
I live in a relatively humid climate -- summers aren't super humid, although you'd never call them dry, and winters are very rainy. My clothes usually take overnight to dry, although my pants can take more like 24 or 36 hours to dry completely. I often toss them in the dryer for 15 minutes if they are just a little damp to speed up that process (particularly if I need to wear them). The only place I have to hang anything up is over my shower rod in an un-ventilated bathroom, so they'd probably dry faster if I had a better place to hang them.
The other advantage of hanging most of my stuff on hangers to dry is that, when it's time to put it away, I just have to grab the hanger and put it in my closet -- no folding or otherwise fussing with clothing necessary!